Jaiprakash Power Ventures has received an approval for divestment of the two of the company’s operating plants namely, 300 MW Hydro-electric Plant and 1091 MW Karcham Wangtoo Hydro-electric Plant, subject to requisite statutory and regulatory approvals. The board of directors at its meeting held on March 01, 2014 has considered and accepted the recommendations of Committee of Directors as well as Audit Committee for the same.
The divestment is proposed to be by way of hiving off of the aforesaid plants to two separate wholly owned subsidiaries (under incorporation) through a scheme of arrangement to be sanctioned by the High Court/ Tribunal of competent jurisdiction with eventual transfer of ownership of the said subsidiaries to the purchasers, consortium led by TAQA India Power Ventures, an indirectly owned and controlled subsidiary of Abu Dhabi National Energy Company PJSC, INDO- INFRA INC. and India Infrastructure Fund-II acting through IDFC Alternatives.
Jaiprakash Power Ventures is part of India’s leading Infrastructure conglomerate - Jaypee Group. Currently the company operates the largest hydroelectric power plant in the private sector in India. Its power projects which are in different stages of implementation include Hydro, Thermal and Transmission.
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